Refinance Your Car Loan

REFINANCING YOUR CAR LOAN

REFINANCING YOUR CAR LOAN


If you believe your car loan interest rate is too high and/or you are looking to lower your monthly payments, you may be able to refinance your car loan. No matter whether you purchased your vehicle from us, another dealer, or independently, our Al Piemonte Nissan team can provide you with all of the information you need to refinance your loan.

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WHY REFINANCE?


Refinancing your car loan may bring you considerable savings throughout the life of your loan. With interest rates dropping recently, refinancing can result in a lower rate, which in turn can reduce how much you pay each month. You may also qualify to refinance your loan if your financial situation has changed since you purchased your vehicle, or if your credit score has improved.

STEPS TO TAKE WHEN REFINANCING YOUR CAR LOAN

  • Find Out Your Current Interest Rate:  Before refinancing your loan, the most important first step is to determine how much you are currently paying.  You can find out your current interest rate by checking your loan statements or by getting in touch with your lender to confirm the rate.
  • Check Your Credit Score:   It’s important to have your most up to date credit score when starting this process, since a higher credit score can increase the likelihood of lowering your interest rate.  Your credit score has likely improved if you have been making your car loan payments on time and if you’ve been paying your other bills on time.
  • Apply For Refinancing:  Submit all of your refinancing applications within a 14-day period to minimize any negative impact to your credit score.  It is best to apply to more than one refinancing company so you can compare different rates. 
  • Analyze Your Offers:  Once you receive all of your offers, you should compare them and run the numbers to see if any of them provide you with the monthly payments you desire.  If you need assistance, you can contact our Al Piemonte Nissan finance team, or use our monthly payment calculator.
  • Decide on your loan term.  After reviewing your offers, you will need to decide between a longer and a shorter term loan.  Longer term loans will typically come with smaller payments, but you will end up paying more interest over time.  Shorter term loans will offer lower interest rates and less interest overall, but will come with larger monthly payments. 

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IMPORTANT FACTORS TO CONSIDER

To ensure that you’re making the most informed decision regarding your auto loan, here are some important factors to keep in mind:

  • Fees.   It’s important to check your original loan to see if there are any fees involved, since some have fees associated with ending your car loan early. If this is the case, you must weigh the fees against the cost savings to make sure you will be saving overall.
  • Older Vehicles.  Many lenders won’t refinance if your car is older and has experienced major depreciation.
  • Underwater Finances:.   How much do you still owe on your car loan? Do you know how much your car is currently worth? If the remaining balance on your loan is higher than what the vehicle is worth, it may be difficult to refinance. 
  • Analyze Your Offers:  Once you receive all of your offers, you should compare them and run the numbers to see if any of them provide you with the monthly payments you desire.  If you need assistance, you can contact our Al Piemonte Nissan finance team, or use our monthly payment calculator.
  • Decide on your loan term.  After reviewing your offers, you will need to decide between a longer and a shorter term loan.  Longer term loans will typically come with smaller payments, but you will end up paying more interest over time.  Shorter term loans will offer lower interest rates and less interest overall, but will come with larger monthly payments. 

AL PIEMONTE NISSAN WILL HELP YOU MAKE THE BEST DECISION

Our Al Piemonte Nissan finance experts are always on standby to help you refinance your auto loan. It’s important to make sure you choose the offer that works best for your situation. Contact us today with any questions, for more information or to get the process started!

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